Glacier Bancorp Inc. of Kalispell, Mont., is buying its fourth banking company in two years.
The $3.7 billion-asset Glacier said late Thursday that it plans to buy the $430 million-asset Citizens Development Co. in Billings for about $77 million in cash and stock.
The deal is expected to close in July or August. Citizens owns five banks in central Montana. They would operate under their current charters until next year, when they would be merged into Glacier's subsidiaries in their respective markets.
Glacier bought three banking companies last year. In February of that year it bought First National Banks-West Co., the $240 million-asset parent of First National Bank-West in Evanston, Wyo., for $41 million. Two months later Glacier bought Citizens Bank Holding Co., the $113 million-asset parent of Citizens Community Bank in Pocatello, Idaho, for $17 million. In October, Glacier bought Thompson Falls Holding Co., the parent of the $142 million First State Bank in Thompson Falls, Mont., for $21.8 million.
